moorfield wrote:Have you owned HYP1 since it was developed and it is still untinkered with?
But HYP1 has been tinkered with.
What would be interesting to see is what HYP1 would look like now without any of the additional actions applied by pyad following the various corporate actions. Presumably it would have a chunk of cash sitting it and not be generating as much income as it does now.
A question for another thread perhaps.
If you mean "without reinvesting the cash proceeds of takeovers and various other corporate actions", yes, a very substantial chunk of cash and a very substantial reduction of income - a recent post of mine gives the answer that the six cash takeovers HYP1 has experienced "delivered cash of roughly £13,556+£14,032+£9,328+£5,330+£3,881+£8,080 = £54,207 according to https://web.archive.org/web/20170213161 ... sort=whole", and its income would be less than half of what it actually is because it wouldn't have the holdings bought with that cash. Both the chunk of cash and the income reduction would be significantly larger if capital returned as cash by various other corporate actions were also not reinvested. However, it is very well-established on this board, and the TMF HYP Practical board before it, that "tinker" means "sell voluntarily", not "trade voluntarily (regardless of whether the trade is a buy or a sell)", and so a HYP that reinvests such cash is not tinkering. (People are of course free to dislike that board-specific jargon and not to use it themselves, but please don't treat it as meaning something else when used by others or use it differently: either of those is just a recipe for pointless misunderstandings...)
If you mean "without even the few voluntary sales HYP1 has made over the years", it would probably have a slightly different number of United Utilities shares, have slightly fewer Anglo American shares and a very small holding or two of Mondi shares to compensate, have a holding of Banco Santander shares and somewhat fewer shares in a couple of other holdings (I forget which) to compensate, and have no holding in GlaxoSmithKline but a holding of GVC shares and possibly holdings of loan notes and/or some "Contingent Value Rights" to compensate. The resulting portfolio would look noticeably but not greatly different to HYP1 as it currently stands - probably the most noticeable differences would be the extra shareholdings (GVC, Banco Santander, and Mondi, the last very small), the non-share holding(s) and the missing holding (GlaxoSmithKline), and GlaxoSmithKline at 4% of the portfolio value would probably be the biggest of those.
Gengulphus